Chainlink (LINK) fell to $8.55 on Thursday, down roughly 6% on the day, as the broader crypto market reacted to rising concerns over a possible escalation in the U.S.-Iran conflict. Data cited by crypto.news showed the token trading near $8.50 during the sell-off.
Price weakness did not stop large holders from pulling coins off exchanges. In an April 1 post on X, CryptoQuant said analysis of the top 10 outflow transactions showed whales were withdrawing more than 8,000 LINK per day from Binance. The report also said the monthly average outflow had risen from 2,000 LINK to 2,600 LINK a day. The article summary added that daily whale withdrawals had reached as much as 26,000 LINK.
Exchange supply keeps tightening
Such withdrawals are often read as a sign that tokens are being moved into cold storage for longer holding periods. That matters because fewer coins sitting on exchanges means less immediately available supply for traders. Large-holder accumulation can also help support a price floor when market sentiment is fragile.
CryptoQuant’s exchange supply ratio points in the same direction. The metric has declined steadily since mid-February, and stood at 0.127 at the time of writing, close to monthly lows. In practical terms, that suggests exchange-held LINK supply has continued to shrink even as the token price pulled back.
Technical setup keeps $10 in sight, while $8 remains a near-term risk
On the daily chart, LINK is forming a double-bottom pattern and appears to be completing the second trough. That pattern is commonly viewed as a bullish reversal setup if confirmed. Other daily indicators were also leaning constructive: the Supertrend indicator had turned green, while the Chaikin Money Flow reading stayed positive, signaling ongoing capital inflows.
Based on the technical view in the source material, Chainlink could rebound toward its March 16 high of $10. Still, the same analysis warned that broader market pressure tied to macro tensions could drag the token down to $8 before any stronger recovery attempt develops.